1. HALF-YEAR REPORT 2008 26 August 2008

2. 2Half-year report 2008 DIFFICULT MARKET CONDITIONS & HIGH OIL PRICES Half-year profit impacted by: Difficult market conditions High oil prices Restructurering costs H1 Revenue growth of 4% to DKK 4.2 bill. H1 EBITDA reduced by 28% to DKK 434 mill. H1 Pre-tax profit reduced by 62% to DKK 68 mill. H1 free cash flow of DKK 333 mill. Activities are being adjusted to the change in market conditions

3. 26 August 20083Half-year report 2008 BACKGROUND FOR CHANGE IN PROFIT EXPECTATION ANNOUNCED 14 AUGUST Increasingly difficult market conditions: Lower market growth than expected leading to overcapacity and more competitive pressure in certain markets Largest impact on east-west freight flows in Baltic area and Irish-Continental market Large increase in haulage costs from rise in fuel costs About 50% of the profit adjustment can be attributed to the change in market conditions Higher bunker cost: Total bunker cost for 2008 set to rise by DKK 400 mill. Overall high level of coverage for freight activities, less coverage for passenger activities Approx. a third of profit adjustment due to expected increase in bunker cost Restructuring costs: Increase in restructuring costs for improvement plan for DFDS Seaways Additional one-off costs related to adjustment of activities to change in market conditions may occur

4. 26 August 20084Half-year report 2008 BUSINESS AREA PERFORMANCE Figures in DKK million Ro-Ro Shipping: Stable performance on North Sea, downturn on east-west Baltic routes. Increase in tonnage costs (60) Container Shipping: Good performance in industrial logistics and chartering, downturn for lo-lo North Sea and Ireland-Continent corridor Passenger Shipping: Performance impacted by non- comparable items: Restructuring costs (-28), charter income in 2007 (-16) and change in cost periodization (-20) (Total effect: -64). Higher bunker cost explains remaining deviation Terminal Services: Progress for 3 rd party volumes, lower volumes from own network, profit improvement plan ongoing in Immingham Trailer Services: Good performance except for Belgian operator impacted by rise in haulage costs, lower volumes from automotive industry and management change  -60  -20  -83  -1  -7

5. FINANCIALS H1 2008 Christian Merrild, CFO 5

6. 26 August 20086Half-year report 2008 HIGHER COST LEVEL ERODES MARGINS

7. 26 August 20087Half-year report 2008 Q2 PER BUSINESS AREA

8. 26 August 20088Half-year report 2008 H1 EBITDA MARGIN DEVELOPMENT Adjusted for rise in bunker surcharge, revenue for H1 2008 was on a level with H1 2007 Bunker: Net increase in bunker cost decreases margin by 0.9% point Charter: Capacity expansion using chartered tonnage decreases margin by 0.9% point Haulage: Rise in cost for door-to-door transport decreases margin by 0.7% point Staff: Restructuring costs concerning organizational changes decreases margin by 0.9% point

9. 26 August 20089Half-year report 2008 CASH FLOW & INVESTMENTS Free cash flow of DKK 333 mill. for H1 2008 Net investments of DKK 104 mill. include sale of Tramp with proceeds of DKK 156 mill. and profit of DKK 22 mill. Extension of three ro-ro ships planned for 2009 increases investments in 2008 by DKK 170 mio. Total investment amounts to DKK 280 mill. Deposit paid for two ro-ro ships to be delivered beginning of 2009

10. 26 August 200810Half-year report 2008 CONTINUED SOLID FINANCIAL PLATFORM Net interest bearing debt reduced by 14% to DKK 3.68 bill. from end of H1 2007 Net interest bearing debt reduced by 4% to DKK 3.68 bill. from end of 2007 Equity ratio rose to 38% from end of H1 2007 and on a level with end of 2007

11. 26 August 200811Half-year report 2008 OIL PRICE & EXCHANGE RATES Oil price peaked at a rise of 55% in early July – rise down to 28% end of August Full year rise in bunker cost of approx. DKK 400 mill. with a direct profit impact of approx. DKK 80 mill. Impact on all business units, most severe on passenger routes Recovery of further oil price increase may prove difficult Exchange rate coverage, H2 2008: 90% USD, 45% GBP, 90% NOK & 45% SEK

12. GOING FORWARD 2008 Niels Smedegaard, President and CEO 12

13. 26 August 200813Half-year report 2008 13 Economic downturn now impacting certain of our key markets Turnaround of Baltic market area remains uncertain Passenger markets in Scandinavia are relatively stable, UK market expected to come under more pressure Irish market expected to remain difficult Lower growth will generate overcapacity in some market areas and create more price pressure North Sea freight market expected to remain stable Overall prospect is a period of differentiated and low growth and a challenging economic outlook MARKET SITUATION 2008 EXPECTATIONS FOR 2 ND HALF

14. 26 August 200814Half-year report 2008 14 Tonnage Return of one ro-pax vessel and one container ship Charter out two ro-ro vessels One passenger ship laid up PLANNED ADJUSTMENTS OF ACTIVITIES Reduction of capacity Ro-pax route Germany-Latvia reduced from two to one ship (Oct) Ro-ro route Sweden-Belgium reduced from four to three ships (Jul) Lo-lo routes Ireland-Continent reduced from five to four ships (Aug) Lay-up of passenger ship (Sep) Sales Price adjustments Drive sales of industrial logistics through new sales organization Freight Sales Solutions Cost reductions Renegotiation of certain rate agreements Implementation of phase two of DFDS Seaways’ profit improvement plan concerning productivity onboard Immingham profit improvement plan Extension of sailing time for some routes Overhead cost review and reductions

15. 26 August 200815Half-year report 2008 2008 PERFORMANCE EXPECTATIONS DFDS GROUP Revenue growth of approximately 2%, previously 3-5% EBITDA decrease of 15-20%, previously approximately on a level with 2007 Total net investments of approximately DKK 400 mill., previously DKK 200 mill. Free cash flow expected to be approximately DKK 600 mill. Pre-tax profit of DKK 325-375 mill., previously approximately DKK 500 mill. The profit expectation is still subject to a higher degree of uncertainty than usual especially concerning market growth trends and oil price development

16. 26 August 200816Half-year report 2008 Observations: Industry-wide impact of change in market conditions and high oil price Effects may help drive necessary consolidation Industry players better positioned Transaction prices expected to decrease 16 Strategy: From Routes to Network: 1.Build sea-based European transport network 2.Integrate value-generating customer solutions for freight and passengers 3.Secure volumes 4.Maintain constant focus on operations OUR STRATEGIC AGENDA IS SET

17. FROM ROUTES TO NETWORK Q&A Thank you for your attention!